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(Health-NewsWire.Net, July 23, 2022 ) According to a new market research report titled, ‘Veterinary Immunodiagnostics Market by Product (Analyzers, Consumables {Leukemia, Influenza, BTV, FMD, BTB, BHV}), Animal (Livestock, Companion), Technology (ELISA, Radioimmunoassay, Rapid Tests), End User (Hospitals, Point of Care) – Global Forecast to 2029’, published by Meticulous Research®, the veterinary immunodiagnostics market is expected to grow at a CAGR of 9.2% from 2022 to reach $2.25 billion by 2029.
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Emerging Economies such as Asia-pacific countries offer attractive growth opportunities to the companies operating in the veterinary immunodiagnostics market. This growth is credited to the increasing demand and consumption of animal-derived food products, rising prevalence of zoonotic diseases, and less market saturation compared to developed countries such as the U.S. In developing countries such as India, China, and Brazil, there is an increase in the consumption of animal-derived food. For instance, according to the Food and Agricultural Organization (FAO), in Brazil, the consumption of poultry meat is expected to reach 11,051 thousand tons in 2030 from 9,321 thousand tons in 2015. Similarly, in India, this consumption is expected to reach 5 134.81 thousand tons in 2030 from 3,288 thousand tons in 2015.
Developing countries have a high burden of zoonotic diseases. For instance, according to International Livestock Research Institute (ILRI), India has a high burden of zoonotic disease along with low-income countries, such as Ethiopia, Nigeria, and Tanzania. Nearly 60% of all disease-causing pathogens are of animal origin, and 75% of the emerging infectious diseases in India are of the zoonotic category. The increasing disease outbreaks in emerging countries are driving the demand for better diagnoses of animals to prevent economic losses.
The Impact of COVID-19 on the Veterinary Immunodiagnostics Market
Governments imposed lockdowns and travel restrictions to ensure social distancing and prevent the further spread of the infection during the pandemic. Veterinary hospitals & clinics witnessed a decline in patient visits. In addition, healthcare systems diverted their resources toward emergency cases, affecting animal diagnostic testing. Moreover, during the pandemic, there was a disruption in the supply chain of meats and other animal-derived food products. This affected the industry and resulted in reduced consumption of animal-derived food products. Reduction in consumption of these products led to low prices of meats resulting in economic losses.
While people self-isolated to prevent the risk of infection, there was an increase in the adoption of pets for companionship. For instance, in the U.S., around 9 million dogs were adopted since the beginning of the pandemic. This increase in pet adoption is expected to drive the growth of the veterinary immunodiagnostics market. Furthermore, in several countries, pet animals were infected with SARS-CoV-2 (the virus causing the COVID-19 disease). These infections were found in pets who stayed with COVID-19-infected people. This led to the start of the epidemiological investigation of animals by authorities. In addition, various research studies are being conducted to understand the spread of COVID-19 infections in animals and the formation of antibodies against pathogens to check the feasibility of developing immunodiagnostic assays and tests to detect the virus in animals. Such research studies are expected to support the growth of the veterinary immunodiagnostics market.
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The veterinary immunodiagnostics market is segmented based on product, technology, animal type, end user, and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on product, the consumables segment is expected to grow at the highest CAGR during the forecast period. The fast growth of this segment is attributed to their higher sensitivity, accuracy, faster diagnosis and cost-effectiveness, and availability of disease-specific immunoassays.
Based on technology, in 2022, the ELISA segment is estimated to account for the largest share of the veterinary immunodiagnostics market. The large market share of this segment is attributed to the continuous development of new biomarkers, cost-benefit, and growing adoption of automated platforms for ELISA. However, the rapid tests segment is expected to grow at the highest CAGR during the forecast period. The fast growth of this segment is attributed to the increasing preference of farmers and pet owners for rapid test results along with their cost-efficiency. In addition, companies are focused on launching rapid tests for animals to meet the growing demand of animal owners for rapid testing. For instance, in 2019, Rapid Labs Ltd (U.K.) launched several rapid tests for companion animals. The tests aimed to detect common diseases in companion animals, including feline leukemia virus, canine parvovirus, heartworm, and infectious peritonitis.
Based on animal type, in 2022, livestock segment is estimated to account for the largest share of the veterinary immunodiagnostics market. However, the companion animals segment is expected to grow at the highest CAGR during the forecast period. The fast growth of this segment is attributed to the increasing pet population, increasing awareness of pet owners toward their pet’s health, increasing disease prevalence in companion animals, and availability of cost-effective immunoassay tests enabling pet owners to frequently test at home. Pet owners consider pets as their family members and treat them accordingly. According to various surveys, these pet owners are willing to spend more on pets and their health than themselves. Moreover, there is an increasing prevalence of disease in pets, thus, driving the growth of this study.
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Based on end user, the point of care testing segment is expected to grow at the highest CAGR during the forecast period. The fast growth of this segment is attributed to the increased preference of farmers and pet owners for home/farm testing. Farmers have to either send samples to laboratories or transport their animals to labs or diagnostic infrastructures, leading to a delay in testing and reports. The availability of assays and hand-held analyzers for disease diagnosis helps the farmers avoid transporting large animals or shipping the samples to labs.
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Based on geography, in 2022, North America is expected to dominate the veterinary immunodiagnostics market, followed by Europe and Asia-Pacific. High awareness regarding animal health, well-established veterinary diagnostics infrastructure, and spending on pet health in the region is expected to support North America’s largest market share. However, Asia-Pacific is expected to record the highest CAGR during the forecast period. The high growth of the Asia-Pacific veterinary immunodiagnostics market is attributed to a large population of livestock and the rising incidence of various zoonotic diseases in the region.
The report also includes an extensive assessment of the product portfolios, geographic presence, and key strategic developments of the leading market participants over the past four years (2019–2022). The veterinary immunodiagnostics market has recently witnessed several product launches, enhancements, approvals, partnerships & agreements, expansions, and acquisitions.
Some of the key players operating in this market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Virbac (France), Heska Corporation (U.S.) Randox Laboratories, Ltd (U.S.), Neogen Corporation (U.S.), QIAGEN N.V. (Germany), Abaxis, Inc. (U.S.), and bioMérieux S.A. (France), among others.
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